以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资源，就上睿兽分析。 ● 私募股权类基金管理人新登记 26 家，存续管理人总量下降至 11,928 家 ● 新增基金数量稳定增长，新增备案私募股权类基金 1,366 只，披露认缴规模 5,530.59 亿人民币 ● 浙江新增基金数量领跑（共计 298 只），规模显著领先（合计 1,004.74 亿元） ● 嘉兴、青岛、苏州三城新备案基金数量最多；北京、上海、杭州位列全国吸金前三甲 ● 共计 990 家机构新增备案私募股权类基金，机构参与数量较上年同期增加 26.11% ● 机构 LP 贡献超九成募资，国资背景 LP 占据主导地位 ● 机构 LP 城市版图：北京、上海机构 LP 出手次数均为 239 次，并列全国第一 ● 共 113 只新备案基金穿透涉及 127 家上市公司 LP 参与，出资规模达 163.01 亿元 2025年Q3新增备案私募股权类基金1,366只，披露认缴规模5,530.59亿人民币 基金披露认缴规模 单只基金平均认缴规模 新备案基金数量 同比 ...

11月24日，四川双马涨5.07%，截至发稿，报22.37元/股，成交2.90亿元，换手率1.74%，总市值170.78 亿元。 资料显示，四川和谐双马股份有限公司位于四川省成都市锦江区红星路三段一号成都国际金融中心1号 写字楼26楼2号，成立日期1998年10月20日，上市日期1999年8月24日，公司主营业务涉及建材生产业 务、私募股权基金投资管理业务。主营业务收入构成为：私募股权投资基金管理33.36%，水泥 32.46%，生物医药23.08%，骨料11.10%。 从基金十大重仓股角度 截至发稿，陆志明累计任职时间14年179天，现任基金资产总规模240.63亿元，任职期间最佳基金回报 119.61%， 任职期间最差基金回报-63.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，广发基金旗下1只基金重仓四川双马。广发中证全指建筑材料指数A（004856）三季度增持 31.76万股，持有股数97.64万股，占基金净值比例为2.4 ...

人类群星闪耀时 | 来源 郑华良 | 作者 -------谨以此文献给每一个热爱风险投资工作并将其作为毕生事业的同行！ 自从我们公司拿到牌照之后，不少同行来咨询我关于牌照申请的经验，于是我想趁着现在还能记着一 些，赶紧写下来和大家分享下经验教训，也可以给那些有创业想法的优秀同行作一些参考借鉴。 首先是： 找个好律所、找个好律所、找个好律所。重要的事情说三遍！ 基协要求管理公司提交申请材料的同时必须要有律所出具法律意见书，所以聘请律所是必须项，这个钱 不能省（而且律所是按牌照申请的核心节点收钱的，不用担心需要一次性支付）。 由于第一次申请牌照时管理人给基协的观感非常重要，会直接影响牌照申请的成败和申请进度，因此必 须选择一个经验丰富的律所。 经验丰富的律所有三个作用： 1、预先判断管理人是否有可能拿到牌照，并协助管理人进行相应调整。由于他们牌照申请经验丰富， 比较了解基协的偏好。哪些点是基协的红线，哪些点是可以轻拿轻放的，熟悉这些可以让管理人更清楚 自己拿到牌照的可能性。对于那些有明显硬伤的申请者，他们会建议管理人提前调整，不至于花了很多 时间和精力之后被基协直接打回来。这些调整包括股权结构、投资负责人、风控负 ...

近日，晨壹投资管理合伙人刘晓丹在上海证券交易所国际投资者大会上表示，受中国经济格局重塑、产 业竞争态势演进、企业家代际传承推进及公司治理体系优化等多重因素交织影响，中国并购市场的战略 重要性正持续提升。 资讯数据显示，今年以来，截至目前，A股市场累计新增147单重大资产重组项目，较去年同期大幅增 长45.54%，直观反映出A股并购重组市场热潮迭起的发展态势。在此背景下，并购基金作为专业资本运 作力量，其在资源整合、资金支持、交易架构设计等领域的核心价值愈发凸显，正迎来行业发展的黄金 时期。 专业角色凸显产业价值 并购基金是专注于对目标企业进行并购投资的私募股权基金，核心运作逻辑为通过募集资金收购目标企 业股权，随后通过重组整合、运营优化等方式提升企业价值，最终通过股权转让、IPO等渠道实现退出 并获取收益。在行业快速发展进程中，并购基金的专业角色与独特价值正被市场广泛认知。 刘晓丹表示，并购基金与投行虽有部分从业者背景相通，但是以不同的角色参与并购市场：投行核心聚 焦撮合交易、把控监管合规，交易完成后即转向下一项目；并购基金在收购企业后需长期参与运营管 理，通过治理优化、运营提升等举措提升企业价值，这一点和企 ...

Core Insights - China Chengtong Holdings Group has led the investment in state-owned enterprises (SOEs) through fund investments, completing over 230 billion yuan in investment transactions, with over 90% directed towards SOE-related fields and more than 70% towards strategic emerging industries [1][2] Group 1: Fund Investments - The company manages eight different types of funds with a total scale exceeding 710 billion yuan, including the State-Owned Enterprise Structural Adjustment Fund and the Mixed Ownership Reform Fund [1] - Investments have been made to guide social capital towards key industries of SOEs, forming industrial clusters in sectors such as new energy vehicles, integrated circuits, and artificial intelligence [1] Group 2: Strategic Restructuring and Governance - In addition to fund investments, the company has self-raised over 93 billion yuan to participate in strategic restructuring and professional integration of SOEs, becoming a significant shareholder in various enterprises [2] - The company has explored governance mechanisms different from solely state-owned enterprises, actively participating in decision-making processes of the SOEs it invests in [2] Group 3: Focus on Emerging Industries - The company has cumulatively invested over 10 billion yuan in the new energy vehicle industry chain, collaborating with multiple SOEs in areas such as lithium battery raw materials and energy storage [1]

Core Insights - Sichuan Shuangma's stock increased by 5.09% to 22.51 CNY per share, with a trading volume of 206 million CNY and a turnover rate of 1.24%, resulting in a total market capitalization of 17.185 billion CNY [1] Company Overview - Sichuan Shuangma Co., Ltd. was established on October 20, 1998, and listed on August 24, 1999. The company is located in Chengdu, Sichuan Province, and operates primarily in the building materials industry and private equity fund investment management [1] - The revenue composition of Sichuan Shuangma includes: 33.36% from private equity fund management, 32.46% from cement, 23.08% from biomedicine, and 11.10% from aggregates [1] Fund Holdings - According to data, one fund under GF Fund has a significant holding in Sichuan Shuangma. The GF CSI Building Materials Index A Fund (004856) held 658,800 shares in the second quarter, accounting for 2.28% of the fund's net value, ranking as the tenth largest holding [2] - The GF CSI Building Materials Index A Fund was established on August 2, 2017, with a current size of 261 million CNY. Year-to-date returns are 5.32%, with a one-year return of 1.72%, and a cumulative loss of 5.93% since inception [2] Fund Manager Profile - The fund manager of GF CSI Building Materials Index A Fund is Lu Zhiming, who has a cumulative tenure of 14 years and 133 days. The total asset size under management is 24.629 billion CNY, with the best fund return during his tenure being 119.61% and the worst being -63.28% [3]

Core Viewpoint - Private equity (PE) funds are increasingly investing in accounting firms globally, with half of the top 30 accounting firms in the U.S. accepting such investments to cover high costs associated with AI and other technologies [2][4]. Group 1: Investment Trends - In the U.S., Wipfli accounting firm announced it will accept an investment from New Mountain Capital, with the firm's economic value exceeding $1 billion and the fund's stake being approximately 40% [4]. - A survey by Koltin Consulting Group indicates that by 2025, 15 out of the top 30 accounting firms in the U.S. will have accepted private equity investments [4]. - In the UK, a survey by Kingsley Napley found that 27% of the 22 surveyed major accounting firms have accepted private equity funding [4]. Group 2: Structural Changes - Traditionally, accounting firms relied on personal investments from partners, with few examples of public listings [4]. - Private equity funds aim to recover their investments through options such as resale to other funds or initial public offerings (IPOs) [4]. - Restructuring through AI investments or mergers and acquisitions (M&A) can enhance economic value, allowing for profitable exits [4]. Group 3: Concerns and Regulatory Perspectives - There are concerns that accepting private equity funding may undermine the audit independence of accounting firms, as highlighted by executives from large auditing companies [5]. - In Japan, legal restrictions currently limit investments in audit firms to individual certified public accountants and tax accountants, suggesting that this trend may not extend to Japan [4][5].

Group 1 - The core viewpoint of the article highlights a significant increase in China's M&A market, with disclosed transaction amounts exceeding $170 billion in the first half of 2025, representing a 45% year-on-year growth [1] - Domestic strategic investors have shown a notable increase in M&A activities, with transaction amounts surpassing $100 billion, more than doubling compared to the same period last year [1] - The report identifies high-tech sectors, particularly semiconductors, health care, and industrial fields, as the main areas for large-scale M&A transactions, with 20 deals exceeding $1 billion each [1] Group 2 - The report anticipates continued growth in the M&A market for the second half of 2025, driven by multiple positive factors, including China's attractiveness as an investment destination and A-share listed companies seeking growth through acquisitions [2] - PwC forecasts a potential high double-digit growth in total M&A transaction amounts for the entire year of 2025, building on the momentum from the first half [2] - There is a noticeable backlog in M&A demand and planned exit projects, coupled with a recovery in capital market sentiment, suggesting a more active M&A market in the latter half of 2025 [2]

Group 1: Investment Logic of PE Funds - Traditional pre-IPO investment logic involves selecting suitable industries and companies, entering at reasonable prices, and waiting for growth and exit to gain returns [1] - The core sources of returns in traditional PE investments are growth potential and listing arbitrage, primarily driven by earnings growth and PE multiple expansion [1][3] - The success of some PE funds in the past was due to accurate industry and company selection, as well as a deep understanding of listing requirements [3] Group 2: Challenges in the PE Industry - Despite the past success, overall returns for PE funds remain unclear, with few funds publicly disclosing complete earnings [4] - The traditional PE model is increasingly challenged by a slowdown in China's economic growth, leading to a decline in the scarcity of listed companies and lower PE multiples [5] - The investment judgment capabilities of traditional PE personnel are often inadequate, making it difficult to identify viable investment opportunities [5][6] Group 3: Fundraising Issues - A portion of limited partners (LPs) have recognized the lack of profitability in PE investments, leading to reduced funding and increased caution among new investors [7] - The core issue for traditional PE investors is their reliance on investment capabilities, which have diminished as the market has evolved [7][8] Group 4: M&A Market and PE Funds - Traditional PE institutions have attempted to enter the M&A market but have faced challenges due to insufficient investment capabilities [9] - Some PE firms have tried to control listed companies for acquisitions, but many have failed due to a lack of operational expertise [9][10] Group 5: Future of PE Funds - The future of PE funds may involve a shift towards industry integration and stable asset management, focusing on effective asset consolidation rather than growth [19][21] - The investment landscape is expected to evolve, with a focus on high-tech and innovative sectors, while traditional PE funds may decline in relevance [21][23]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of integrating technological innovation with industrial innovation while enhancing investor protection, particularly for small and medium-sized investors, to support the development of new productive forces [3]. Group 1: Capital Market Reforms - The CSRC will comprehensively implement the new development concept and deepen reforms in the capital market's technology finance system, enhancing the functions of multi-tiered capital markets [3]. - There will be a push for the reform of the stock issuance registration system, focusing on information disclosure and strict regulatory accountability, while promoting the listing of high-quality unprofitable technology companies [5]. Group 2: Support for Technology Enterprises - The CSRC aims to support the differentiated development of the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, optimizing arrangements to better meet the diverse financing needs of technology enterprises at different stages [5]. - There is a commitment to cultivate long-term capital and encourage private equity funds to adapt their assessment mechanisms to better align with the characteristics of technology innovation enterprises [6]. Group 3: Investor Protection - The CSRC will enhance investor protection by ensuring that financing services for technology enterprises and the protection of investors' legal rights are coordinated and effectively implemented [8]. - Efforts will be made to improve the transparency of information related to technology innovation attributes and investment risks, as well as to establish a mechanism for representative litigation [7][8]. Group 4: Market Integrity - The CSRC plans to revise the Securities and Futures Market Integrity Supervision and Management Measures to strengthen the construction of a trustworthy market environment, enhancing the integrity of all market participants [10]. - Measures will be taken to establish a comprehensive database for market integrity, implement strict penalties for dishonest behavior, and improve the professional ethics of industry personnel [10].